UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Raises Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 62.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,506 shares of the financial services provider's stock after purchasing an additional 10,979 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.18% of Mercantile Bank worth $1,268,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Mercantile Bank by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 869,777 shares of the financial services provider's stock valued at $38,696,000 after buying an additional 2,252 shares in the last quarter. American Century Companies Inc. grew its holdings in Mercantile Bank by 8.2% during the 4th quarter. American Century Companies Inc. now owns 389,948 shares of the financial services provider's stock worth $17,349,000 after acquiring an additional 29,604 shares during the last quarter. LSV Asset Management grew its holdings in Mercantile Bank by 3.6% during the 4th quarter. LSV Asset Management now owns 286,710 shares of the financial services provider's stock worth $12,756,000 after acquiring an additional 10,081 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Mercantile Bank by 5.8% in the 4th quarter. Northern Trust Corp now owns 190,490 shares of the financial services provider's stock valued at $8,475,000 after purchasing an additional 10,491 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Mercantile Bank by 54.0% in the 4th quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider's stock valued at $5,907,000 after purchasing an additional 46,559 shares during the last quarter. Institutional investors own 58.63% of the company's stock.

Mercantile Bank Stock Down 2.8%

MBWM traded down $1.26 during trading on Friday, hitting $43.52. 101,494 shares of the company's stock were exchanged, compared to its average volume of 66,296. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The business's 50 day moving average is $43.05 and its two-hundred day moving average is $45.33. Mercantile Bank Co. has a fifty-two week low of $35.67 and a fifty-two week high of $52.98. The stock has a market cap of $706.55 million, a P/E ratio of 8.79 and a beta of 0.88.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.02. The firm had revenue of $57.20 million for the quarter, compared to the consensus estimate of $57.57 million. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. As a group, equities analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, June 6th. This represents a $1.48 dividend on an annualized basis and a yield of 3.40%. Mercantile Bank's dividend payout ratio is presently 30.71%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd.

Mercantile Bank Company Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.